MNI BRIEF: G7 Ministers Near Deal On Russian Assets-Gentiloni
A deal would have to be approved by G7 leaders in mid-June.
G7 finance ministers are likely to reach “agreement in principle” over the use of frozen Russian assets to aid Ukraine but this would need to be approved by G7 leaders in Puglia in mid-June, the EU’s Economy Commissioner Paolo Gentiloni told journalists on Friday.
“It’s an intermediate stage but is a generally converging road,” he said on the sidelines of the G7 finance ministers in Stresa, adding that the EU will use profits on Russian frozen assets to give Ukraine EUR2-3 billion this year, with the first tranche to be paid in July. “Ukraine budget needs are covered for 2024 but the situation is demanding for 2025 and later.”
Technical and regulatory hurdles are the main obstacle for a deal about how to use the profits from frozen Russian assets, said Italian Finance minister Giancarlo Giorgetti. Any moves need to be in line with rules of the 27 member states of the European Union and international law, he said.
“We need a united response,” he said.